Unlocking the Value of the Top Suppliers

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Few companies can succeed without having the right people in the right place at the right time.

The use of contingent labor is expected to continue to grow as organizations look to capitalize on the use of all talent types to increase their competitive position within the market. In a recent survey from Harvard Business Review Analytic Services, it was found that “some 70 percent of respondents agree that using external workers allows their organization to meet market demands and maintain efficiency that would otherwise be difficult. And more than half see the value of the external workforce increasing in the next several years”.

The good news is that we are immersed in an era of “big data”. Organizations have access to more information about their external workers and talent suppliers.

Through more in-depth analysis of this information, organizations can develop actionable insights, while aligning only the top performing suppliers against their organizational need.

However, many companies develop these insights within a narrow band. They use analytical tools to examine inward-facing factors looking at metrics, such as how quickly they can fill roles or at simple bill rates or mark-ups, independently. Leading companies are instead tapping into higher-value analytics activities that evaluate the composition of their supply chain — and ultimately ensuring that they have the most competitive suppliers for their industry.